DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

9 Months Ended

Sep. 30, 2016

Notional Amounts of All Derivative Instruments

The following table summarizes the notional amounts of all derivative instruments:
	Notional Amounts (1)
	As of		As of
	September 30,		December 31,
	2016		2015
	(In thousands)
Undesignated economic hedges:
Interest rate contracts:
Written interest rate cap agreements	$	91,510	$	120,816
Purchased interest rate cap agreements		91,510		120,816
Forward Contracts:
Sale of TBA GNMA MBS pools		45,000		30,000
	$	228,020	$	271,632
(1) Notional amounts are presented on a gross basis with no netting of offsetting exposure positions.

Summary of Fair Value of Derivative Instruments and Location in Statement of Financial Condition

The following table summarizes the fair value of derivative instruments and the location in the statement of financial condition as of the indicated dates:
	Asset Derivatives					Liability Derivatives
	Statement of	September 30,		December 31,			September 30,		December 31,
	Financial	2016		2015			2016		2015
	Condition Location	FairValue		FairValue		Statement of Financial Condition Location	FairValue		FairValue
(In thousands)
Undesignated economic hedges:
Interest rate contracts:
Written interest rate cap agreements	Other assets	$	-	$	-	Accounts payable and other liabilities	$	191	$	798
Purchased interest rate cap agreements	Other assets		191		806	Accounts payable and other liabilities		-		-
Forward Contracts:
Sales of TBA GNMA MBS pools	Other assets		4		-	Accounts payable and other liabilities		144		123
		$	195	$	806		$	335	$	921

Effect of Derivative Instruments on Statement of Income (Loss)

The following table summarizes the effect of derivative instruments on the statement of income:
		Gain (or Loss)				Gain (or Loss)
	Location of Gain or (loss)	Quarter Ended				Nine-Month Period Ended
	Recognized in Income on	September 30,				September 30,
(In thousands)	Derivatives	2016		2015		2016		2015
Undesignated economic hedges:
Interest rate contracts:
Written and purchased interest rate cap agreements	Interest income - Loans	$	5	$	144	$	(2)	$	144
Forward contracts:
Sales of TBA GNMA MBS pools	Mortgage banking activities		219		(279)		(17)		(97)
Total gain (loss) on derivatives		$	224	$	(135)	$	(19)	$	47